EV Growth, a Singapore-based joint venture by conglomerate Sinar Mas, internet company Yahoo Japan and venture capital firm East Ventures, has closed a $200m investment fund, Business Times reported today.
Telecommunications conglomerate SoftBank, growth equity firm Pavilion Capital and asset manager Indies Capital all contributed to the fund alongside a range of unnamed additional regional investors, and it was oversubscribed from its initial target of $150m.
EV Growth was formed in March 2018 by Sinar Mas Digital Ventures (SMDV) and YJ Capital, corporate venturing subsidiaries of Sinar Mas and Yahoo Japan respectively, together with East Ventures. Yahoo Japan itself was created as a joint venture between SoftBank and US-based internet company Yahoo.
The sector-agnostic fund focuses on growth-stage investments in Indonesia and elsewhere in Southeast Asia. It has deployed some 40% of its capital across more than 12 companies to date, including consumer rewards service ShopBack and point-of-sale software provider Moka.
EV Growth is led by three partners: SMDV managing partner Roderick Purwana, YJ Capital CEO Shinichiro Hori and Willson Cuaca, managing partner of East Ventures.
Hori said: “As a joint venture fund, we aim to bring value to our portfolio companies by leveraging the network and capabilities of the partners, our parent companies and affiliates, and our investors with experience in global markets.”
Purwana added: “For SMDV, this collaboration marks the next evolution of what we have been doing in the tech space in the region for the past five years… We believe we have the right setup and team to tackle the growing opportunity of tech growth funding in Southeast Asia.”
